MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	J. L. AUTOPARTS PRIVATE LIMITED
Registered Office :	14- B Industrial Areanit Faridabad, NIT Faridabad - 121001, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.05.2005
Com. Reg. No.:	035715
Capital Investment / Paid-up Capital :	Rs. 5.900 Millions
CIN No.: [Company Identification No.]	U00379HR2005PTC035715
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Precision Auto Parts.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 327000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in profitability during 2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr.Pratik Sehgal
Designation :	Key Executive
Contact No.:	91-9873306203
Date :	03.06.2013

LOCATIONS

Registered Office / Factory :	14- B Industrial Areanit Faridabad, NIT Faridabad - 121001, Haryana, India
Tel. No.:	91-129-4141511
Mobile No.:	91-9873306203 (Mr.Pratik Sehgal)
Fax No.:	91-129-4141512
E-Mail :	akdhiman@jlautoparts.com pur@jlautoparts.com account@jlautoparts.com
Website :	www.jlautoparts.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Jayant Sehgal
Designation :	Director
Address :	3D/38, BP, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	22.09.1963
Date of Appointment :	02.05.2005
DIN No.:	00059528
Name :	Mr. Ashok Kumar Dhiman
Designation :	Director
Address :	3C/203, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	03.09.1954
Date of Appointment :	02.05.2005
DIN No.:	00059446
Name :	Mr. Sahil Dhiman
Designation :	Director
Address :	3C/203, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	12.12.1985
Date of Appointment :	01.07.2008
DIN No.:	02306121
Name :	Mr. Pratik Sehgal
Designation :	Director
Address :	HN – 1059, Sector – 14, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	31.07.1987
Date of Appointment :	31.10.2011
DIN No.:	05108667

KEY EXECUTIVES

Name :	Mr.Pratik Sehgal
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sehgal Jayant	30200
Dhiman Ashok	28800
Total	59000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Precision Auto Parts.
Exports :
Products :	Auto Parts
Countries :	USA Asian Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

• Endurance Technologies Private Limited
• Goshi India Autoparts Private Limited
• Honda Motorcycle and Scooter India Private Limited (Tapukhara)
• Honda Motorcycle and Scooter India Private Limited (Manesar)
• Honda Motor India Private Limited (Spare Parts) Naurangpur
• Honda Motor India Private Limited (Chopanki)
• IFB Automotive Private Limited
• India Yamaha Motor India (P) Limited,Faridabad
• India Yamaha Motor India (P) Limited,SPD
• India Yamaha Motor India (P) Limited, Surajpur
• Kiran Udyog Private Limited
• Lombardini India Private Limited
• M.J.Casting Limited
• Mahindra Two Wheelers Private Limited
• Mark Exhaust Systems Limited
• Mega Rubber Technologies Private Limited
• Minda Industries
• Musashi Autoparts India Private Limited
• Neel Metal Products Limited, Jharsa
• Neel Metal Products Limited, Manesar
• Namo Metals
• Raj Steels
• Rico Auto Industries Limited
• Sankei Giken India Private Limited
• Sandhar Automats
• Super Alloy Castings Private Limited
• Super Auto Electricals Private Limited
• Super Auto (India) Limited,
• Super Auto (India) Limited,
• Usaka Engineers

Customers :

OME’s

• Honda Motorcycle and Scooter India (p) Limited
• IFB Automotive Private Limited
• A A Autotech Private Limited
• A.G.Pipes
• A.K. Grinding Works
• A.K. Tools
• A.K.Ispat
• Aarti Enterprises
• Abhi Industries
• Advance Engineers
• Advance Tool Engineers
• Airflic Corporation
• Alakh Nayak
• Amtek Auto Limited
• Anand Prayag Udyog
• Anil Kumar Yadav
• Anubhav Enterprises
• Anya Enterprises Exim Private Limited
• Asia Steel Tubes Industries
• Avon Steels (India)
• B and R Transport Corporation
• B.R. Engineers
• B.R.Industries
• Babaji Traders

No. of Employees :

250 (Approximately)

Bankers :

• Citi Bank, DLF Square, m Block, Jacaranda Marg, DLF City Phase – II, Gurgaon – 122002, Haryana, India
• ICICI Bank Limited, Faridabad, India
• Citi Bank, Faridabad, India
• Syndicate Bank, Faridabad, India
• Union Bank of India, Delhi, India
• HDFC Bank
• Barclays Bank

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
From Banks
HDFC Bank	0.488	1.570
Citi Bank Limited	15.682	21.093
From Others
Bajaj Finance Limited	9.647	12.076
Religare Finvest Limited	8.001	0.000
Loans and advances from related parties	0.046	0.041
Total	33.864	34.780

Banking Relations :	--
Auditors :
Name :	Pradeep Bansal and Company Chartered Accountants
Address :	B – 496,2^nd Floor, Nehru Ground, Faridabad - 121001, India
PAN.:	ABQPB6937N
Related Party :	Sterling Enterprises Preci-Therm

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59000	Equity Shares	Rs.100/- each	Rs. 5.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.900	5.900	5.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		76.065	61.126	22.031
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.965	67.026	27.931
LOAN FUNDS
1] Secured Loans		33.864	34.780	52.824
2] Unsecured Loans		0.000	0.000	0.036
TOTAL BORROWING		33.864	34.780	52.860
DEFERRED TAX LIABILITIES		5.225	4.722	3.990
TOTAL		121.054	106.528	84.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		125.036	111.441	84.724
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.563	4.092	2.921
	Sundry Debtors	107.557	71.633	56.603
	Cash & Bank Balances	6.271	4.211	9.033
	Other Current Assets	0.000	0.000	1.845
	Loans & Advances	8.993	7.265	6.196
Total Current Assets		129.384	87.201	76.598
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	117.633	74.651	71.325
	Other Current Liabilities	9.304	6.326	0.000
	Provisions	6.429	11.137	5.236
Total Current Liabilities		133.366	92.114	76.561
Net Current Assets		(3.982)	(4.913)	0.037
MISCELLANEOUS EXPENSES		0.000	0.000	0.020
TOTAL		121.054	106.528	84.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	719.233	534.395	350.617
		Other Income	0.155	0.072	18.521
		TOTAL (A)	719.388	534.467	369.138
Less	EXPENSES
		Cost of material consumed	493.004	355.522
		Change in inventories of finished goods, work-in-progress and stock-in-trade	(2.470)	(1.171)
		Employee benefits expenses	42.840	37.705
		Other expenses	139.651	108.859
		TOTAL (B)	673.025	500.915	348.326
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.363	33.552	20.812
Less	FINANCIAL EXPENSES (D)		5.806	4.514	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.557	29.038	20.812
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.488	12.258	9.694
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX		25.069	16.780	0.000
Less/ Add	EXTRAORDINARY ITEMS		0.000	(40.146)	0.000
	PROFIT BEFORE TAX (E-F) (G)		25.069	56.926	11.118
Less	TAX (H)		10.130	17.831	4.574
	PROFIT AFTER TAX (G-H) (I)		14.939	39.095	6.544
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.126	22.031	15.487
	BALANCE CARRIED TO THE B/S		76.065	61.126	22.031
	TOTAL IMPORTS		0.000	JPY 12600000	0.000
	Earnings Per Share (Rs.)		261.73	675.05	155.62

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.08	7.31	1.77
Net Profit Margin (PBT/Sales)	(%)	3.48	10.65	3.17
Return on Total Assets (PBT/Total Assets}	(%)	9.58	28.66	6.89
Return on Investment (ROI) (PBT/Networth)		0.30	0.85	0.40
Debt Equity Ratio (Total Debt /Networth)		0.41	0.52	1.89
Current Ratio (Current Asset/Current Liability)		0.97	0.95	1.00

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKER CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U00379HR2005PTC035715
Name of the company	J.L. AUTOPARTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14- B Industrial Areanit Faridabad, NIT Faridabad - 121001, Haryana, India e-mail : account@jlautoparts.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Others
Particular of charge holder	Citi Bank, DLF Square, m Block, Jacaranda Marg, DLF City Phase – II, Gurgaon – 122002, Haryana, India e-mail : roc@sdpa.in
Nature of instrument creating charge	Goods Security Agreement. Loan Agreement for property mortgage Declaration
Date of instrument Creating the charge	28.08.2012
Amount secured by the charge	Rs. 45.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: 12.50% per annum. Term of Payment: Repayable on demand, annually renewable. Margin: Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and operation of the charge: First exclusive charge by hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets both present and future. AND Equitable Mortgage on property located at Plot No. 14/B, N.I.T Industrial Area, Faridabad- 121001 in favour of Citibank N.A for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage on property located at Plot No.14/B, N.I.T Industrial Area, Faridabad- 121001 Hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets both present and future.

FIXED ASSTES:

• Conditioner
• Building
• Car
• Computer
• Cooler
• Cycle
• Electric Installation
• EPBEX
• Fire Extinguisher
• Fridge
• Furniture & Fixture
• Van (Mahindra)
• Mobile Phones
• Motor Cycle
• Office Equipment
• Plant & Machinery
• R.O.System
• Scooter
• CC TV / Television
• Tools & Equipments
• Transformer
• Tubewell
• Water Cooler
• Water Tank

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Information Gathered by :	HET
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.